Nigeria Sets Up Committee to Drive Sustainable Carbon Market Growth

Nigeria has taken a significant step towards reducing its carbon footprint and fostering sustainable development with the inauguration of an Intergovernmental Committee on Carbon Market Activation Plan. Led by Vice President Kashim Shettima, the committee aims to lay down a comprehensive strategy to propel an efficient and sustainable carbon market ecosystem.

The committee, established in fulfillment of President Bola Tinubu’s pledge to mitigate Nigeria’s carbon emissions, is a collaborative effort between the Nigerian government and the Africa Carbon Market Initiative (ACMI). With an estimated value of $2.5 billion, tapping into the carbon market holds immense potential for Nigeria’s economic growth and environmental sustainability.

Chaired by Mr. Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS), the committee’s formation follows President Tinubu’s announcement at COP28 in December 2023. Vice President Shettima emphasized the government’s commitment to utilizing natural gas as a transition fuel and underscored the importance of the committee in shaping a national carbon market strategy.

VP Shettima highlighted the imperative for collaboration and collective action among committee members to drive the implementation of carbon market mechanisms. He stressed the historic opportunity to position Nigeria as an investment-friendly destination in the carbon market arena, unlocking significant climate finance for the nation and the continent at large.

Co-chairman Mr. Zacch Adedeji expressed optimism about Nigeria’s sustainable future through the committee’s efforts, with a focus on harnessing the country’s vast carbon potential. Dr. Salisu Dahiru, Director-General of the National Council on Climate Change (NCCC), affirmed the committee’s proactive stance since its inception, recognizing the pivotal role of carbon market initiatives in global climate change mitigation and adaptation strategies.

Quest: Cris-Edesiri Odjomah

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